Trade Finance Operations and Sanctions Screening just got Simpler and Less Riskier.
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Trade Finance Compliance & Screening
Trade Finance powers more than 80% of the international trade and according to the ICC (The International Chamber of Commerce) trade finance revenues for banks could be as high as USD 48 billion by 2022. But it is increasingly identified as a potential conduit for money laundering and is vulnerable to breach of sanctions regulations.
Stringent regulatory scrutiny and compliance requirements combined with highly manual and paper intensive operations leave banks increasingly exposed to significant operational risk in terms of reputational damage and fines.
THE PROBLEM
SOLUTION:
Cleareye.ai’s advanced Artificial Intelligence platform improves the effectiveness and efficiency of Trade Finance Operations and Sanctions Screening process. A digital platform to process trade finance transaction documents, perform automated reconciliation against UCP and ISBP rules and seamlessly integrate with Sanctions Screening systems and TBML (Trade Based Money Laundering) systems.
DOCUMENT SCRUTINY AND COMPLIANCE CHECKS IN TRADE FINANCE ARE EXPENSIVE, TIME-CONSUMING & UNPREDICTABLE
Paper Heavy Processes
Human Labor Intensive
Stringent Regulatory & Financial Crime Compliance
CLEAREYE.AI’S INTELLIGENT TRADE SCREENING PLATFORM
70% PRODUCTIVITY INCREASE
Digitization of Documents
Automated classification, extraction and validation of information using advanced AI techniques
Identify Attributes
Identifies 100+ trade related attributes including screening attributes
Automatic Integration
Seamless integration across all banking services and data streams
DIGITAL PLATFORM
Auto classifies documents and easy to navigate guided flows
User friendly view of discrepancies
Intuitive completeness check to show missing documents
Contextual Rules Engine
Easily configurable rules engine with unique handsfree approach
Realtime Watchlist Screening
Complete trade finance related entity screening
Continuous Monitoring
Trade related anomalies monitoring and proactive reporting
Pre-trained Models for all Trade Documents-Powerful Image Pre-Processing
Ability to Extract Tabular Data
Wide Coverage of UCP and ISBP Rules
Intelligent Interpretation of Letter of Credit Conditions
Cross Verification of Data Between MT700 and Trade Documents for Hidden TBML and Sanctions Red Flags
Customizable Business Rules
Continuous Learning
Cutting Edge AI and Engineering Breakthroughs
OUR DIFFERENTIATORS:
BENEFITS:
Automation and Intelligence augmentation to drastically increase analyst productivity
Flexibility to customize for bank specific business rules while adhering to UCP/ISBP rules
Designed to eliminate false positives and false negatives in compliance checks
Seamless integration with legacy core banking and trade finance systems
70%
PRODUCTIVITY
INCREASE
The Latest in Industry News & Cleareye.ai Updates
Cleareye.ai works to provide industry relevant news on a number of banking topics. Select an article below to learn more about how Cleareye.ai can help you with Trade Finance Compliance Screening.
Trade Finance Automation- What was once a convenience is now a necessity
Trading of goods in international market is complex and fraught with risks and uncertainties.
FEATURES:
Self-learning system that improves efficiency of scrutiny with time
Ability to extract from low quality documents with advanced OCR and deep learning capability in-built in the platform
Real time visibility into scrutiny process including SLA tracking
Seamless integration with Sanction Screening and AML systems
Industry leading coverage of rules under UCP 600 and ISBP 745
Interpreting MT700/707 - Letter of Credit for rules check
Extraction of relevant fields for sanctions screening - Vessel name, Port names, Goods (for dual use good screening etc.)
JASPER
Advanced AI Document engine
ONYX
Business workflow automation engine
CLEAREYE.AI IN TRADE FINANCE SCREENING WORKFLOW
HOW IT WORKS
APPLICATION INTEGRATION
Real-time or batch
integration with multiple banking end-points
?
JASPER
Documents are enhanced and standardized to
achieve best results
DOCUMENT
PRE-PROCESSING
JASPER
Relevant entities are extracted from the (un)structured documents, categorized and contextualized for further processing
Confidence score for each extracted entity
Continuous learning to enhance speed and accuracy
EXTRACTING RELEVANT INFORMATION
Information is extracted from
scanned documents using
advanced Computer Vision
This information is analyzed,
and documents are classified into specific trade finance document types using deep learning algorithms
TEXT ANALYSIS
AND CLASSIFICATION
JASPER
JASPER
All relevant names and other entities (ports,
vessels, IMOs, goods) are sent for screening, i.e.
the trade finance engines is integrated with
sanctions screening system, e.g. NetReveal
Perform calibration of the screening system to
ensure appropriate effectiveness and efficiency
Further actions in the trade finance workflow will
be waiting for screening results
SANCTIONS SCREENING
JASPER
ONYX
The extracted entities are automatically validated using a set of business rules (ISBP/UCP rules are already implemented)
Decision making process automated
Continuously learns from user actions
APPLYING BUSINESS RULES
The final trade finance workflow
should be confirmed
Relevant data elements can be continuously sent for screening - e.g. until maturity date
FINALIZING WORKFLOW & CONTINUOUS SCREENING
JASPER
JASPER
JASPER
2020 was a challenging year, and it wreaked havoc on the state of trade finance.
Trade Finance in a Post-Covid World
Technology Tackles Fraud
and Money Laundering in International Trade
Fraud and money laundering is an ongoing problem in the United States...
